Thanks for the tips guys.

I will be painting it myself as I will be doing several bikes in the future. This one is for a friend, and I have two builds in mind for myself (mountain bike and a fixie). I also am going to go to a bike auction in November and buy some bikes to flip. I have done this before and just given them to family members so far.

I will be getting automotive paint and primer. I have a friend that has done several car restorations and he has told me everything that I need to do for painting.

After doing more reading it looks like I will need the following tools:

. Allen key set
. Allen key sockets
. Torque wrench
. Cable/ Housing cutters
. Bottom bracket tools
. Cassette whip/ remover
. Decent work stand
. Headset press
. Crown race setter
. Star nut setter
. Pipe cutter
. Chain link splitter
. White lithium grease

If I missed any please let me know. I will probably use the alternate method for the crown race, and headset and buy tools for the bottom bracket and cassette whip. If not I will take it to my LBS and have them do those parts. Pictures will come tomorrow...

Good site I found for the headset removal/installation:
http://www.get-into-cycling.com/headset-overhaul.html